Wipro completes acquisition of cMango Inc, RetailBox BV and Saraware Oy

Wipro Ltd has informed BSE about the following:

Effective April 01, 2006, the Company through its subsidiaries acquired 100% equity of cMango Inc and subsidiaries (cMango). cMango is a provider of Business Service Management (BSM) solutions. The consideration includes cash payment of Rs 884 Million and an earn-out of USD 12 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period.

Effective June 01, 2006, the Company through its subsidiaries acquired 100% equity of RetailBox BV and subsidiaries (Enabler). Enabler is in the business of providing comprehensive IT solutions and services. The consideration includes cash payment of Rs 2,425 Million and an earn-out of Euro 11 Million to be determined and paid in the future based on specific financial metrics being achieved over a two year period.

On June 29, 2006, the Company through its subsidiaries acquired 100% equity of Saraware Oy (Saraware) for an aggregate consideration of Rs 975 Million. Saraware provides design and engineering services to telecom Companies. In addition, the Company would pay an earn-out of Euro 7 Million to be determined based on financial targets being achieved over a period of 18 months.

Source : Equity Bulls

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